Daily Current Affairs 25 June 2020 for Banking/Insurance/SSC and other related exams.
Haryana govt, Reliance Jio TV enter agreement to educate 52 lakh students
Haryana has entered into an agreement with Reliance Jio TV under the Chief Minister’s Distance Education Programme that will benefit 52 lakh school students largely residing in villages amid the Covid-19 pandemic.
- Under the agreement, all four channels of Eduset will now be available on the Jio platform free of cost.
- In order to ensure that knowledge reaches all children, the broadcast content on television will also be available for a week so that the students can watch it according to their convenience and time.
Kushinagar airport in UP declared an international airport: Cabinet
The Union Cabinet approved the declaration of the airport in Uttar Pradesh’s Kushinagar as an international airport, stating it will offer improved connectivity to the important Buddhist pilgrimage site.
- Direct international connectivity to Kushinagar would substantially increase the number of foreigners and domestic tourists and will also provide an impetus to economic development of the region.
Cabinet approves participation of private sector in space sector
The Cabinet approved participation of the private sector in the entire range of space activities, including planetary exploration missions.
- The newly-created Indian National Space Promotion and Authorisation Centre (IN-SPACe) will provide a level playing field for private companies to use Indian space infrastructure.
Tripura starts ‘ Play little, Study little’ scheme for school students
Tripura government has started a scheme for school students. The scheme is named ‘Ektu Khelo, Ektu Padho’ –meaning ‘Play Little, Study Little’. The scheme will be implemented via SMS or WhatsApp.
- For students, those who have access to smartphones of their parents will be able to access the scheme through WhatsApp. For students having feature phones, they will be able to access through SMS.
- The objective of the scheme is to make sure that students invest their time in studies during these times of uncertainty as it could still take a couple of months for schools to reopen due to the COVID-19 pandemic.
Govt to Provide 2% Interest Subsidy to ‘Shishu’ Borrowers under Mudra Yojna
The government decided to provide 2% interest subvention to borrowers under the ‘Shishu’ category of the flagship Pradhan Mantri MUDRA Yojana (PMMY) for a period of 12 months to eligible borrowers
- Under the Shishu category, collateral free loans of up to ₹50,000 are given to beneficiaries.
Smriti Irani launches FICCI-FLO initiative ‘Empowering the Greater 50%’
Union Minister Smriti Irani launched a special campaign ‘Empowering the Greater 50%.
- This campaign is an initiative of Federation of Indian Chambers of Commerce and Industry (FICCI) and its division FICCI Ladies Organization (FLO) to support women entrepreneurship and celebrate women empowerment
- It seeks to create an ecosystem to support women entrepreneurship and empower as many as 1 lakh women in India over the next three years.
Cabinet approves establishment of Animal Husbandry Infrastructure Development Fund worth Rs. 15,000 crore
The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has approved setting up of Animal Husbandry Infrastructure Development Fund (AHIDF) worth Rs. 15000 crore.
- A Credit Guarantee Fund of Rs 750 crore would be set up by the Government of India. This fund would be managed by National Bank for Agriculture and Rural Development (NABARD) and will provide Credit guarantee to those sanctioned projects which are covered under MSME defined ceilings. Guarantee Coverage would be provided upto 25% of Credit facility of borrower.
- Both of the above facilities will ensure availability of capital to meet upfront investment required for the above projects and also help enhance overall returns/ pay back for investors.
FY19 ITR Filing Deadline Extended Till July 31, PAN-Aadhaar Linkage Till March 2021
The government extended the deadline for filing income tax returns (ITR) for the 2018-19 fiscal by a month till July 31, 2020.
- The Centre has also extended the time limit for linking biometric Aadhaar with PAN till March 31, 2021
- The Central Board of Direct Taxes (CBDT) through a notification also extended the time limit for making various investments for claiming deductions under the I-T Act for the 2019-20 fiscal by a month till July 31, 2020.
- The due date for filing ITR for FY2019-20 has already been extended till November 30, 2020
IIM-Ahmedabad launches endowment fund of Rs 100 crore from alumni
In a first, Ahmedabad based Indian Institute of Management announced the launch of the ‘IIM Ahmedabad Endowment Fund’, with an initial commitment of ₹100 crore from 10 founding alumni.
- The endowment aims to raise ₹1,000 Crore over a period of five years.
- Endowment funds help ensure financial health of any institute, thereby encouraging growth and self-sufficiency.
Maharashtra govt set up task force to study problems related to transport services amid COVID-19 crisis
The Maharashtra government has set up a 13-member task force headed by State Transport Minister Anil Parab to study problems related to transport services in the state and suggest measures on how to run them effectively in the wake of the COVID-19 crisis.
- So far, there is limited movement of public transport services in the state to contain the spread of coronavirus.
World’s first yoga University outside India launched in US
As part of the 6th International Yoga Day commemorations, the world’s first yoga university outside India has been launched in Los Angeles, offering programmes that combine scientific principles and modern research approaches to the ancient Indian practice of yoga.
- The Vivekananda Yoga University (VaYU) was jointly launched Yesterday by Minister of State for External Affairs V Muraleedharan and Chairperson of the Standing Committee on External Affairs P P Chaudhary during a virtual event held at the Consulate General of India in New York.
India pledges USD 10 million to UNRWA over next two years
India has announced contributing 10 million US dollar to the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) over the coming two years.
- For this year, India has already disbursed two million dollar and will soon be remitting the balance three million dollar.
- India provides 250 annual scholarships to Palestinian youth and officials, apart from regular customised training programmes, and current project grant is around 72 million dollar
BANKING & FINANCE
World’s First Gold-backed Digital Gold Currency launched in India
IBMC Financial Professionals Group, an internationally recognized financial services institution and business consultants, has joined hands with US Gold Currency Inc and Blockfills to bring the world’s first monetary gold-backed digital gold currency to India.
- The currency is also being simultaneously introduced in the Gulf Cooperation Council (GCC), Middle East and Africa.
- Each US Gold digital currency is backed by US American Eagle one ounce (33.931 gram) gold coin, minted by US Federal Agency, US Mint. The holders of the currency can redeem their digital assets as physical gold coin or in US dollars anywhere in the world.
Urban Cooperative, Multi State Co-Op banks to be brought under direct supervision of RBI
Union Information and Broadcasting Minister Prakash Javadekar announced that Urban Cooperative and Multi State Cooperative banks will be brought under direct supervision of Reserve Bank of India to ensure that depositors are protected.
- There are about 1,482 crore urban cooperative banks and 58 multi-state co-operative banks with a depositors base of about 8.6 crore.
BUSINESS & ECONOMY
India Retains Position as Third-largest Economy in Terms of Purchasing Power Parity for 2017
India has retained and consolidated its position as the third-largest economy after China and the US in terms of purchasing power parity (PPP) for 2017, said the government quoting the World Bank data.
- PPP of the rupee per dollar at the gross domestic product (GDP) level rose to 20.65 in 2017 from 15.55 in 2011, while the exchange rate of a dollar to a rupee rose to 65.12 from 46.67 during the period.
- Also, the Price Level Index (PLI), the ratio of a PPP to its corresponding market exchange rate, which is used to compare the price levels of economies, improved to 47.55 in 2017 from 42.99 in 2011
India’s GDP to contract by 5.3% in FY-21: Ind-Ra
India’s real gross domestic product in Financial Year 2020-21 could contract 5.3 per cent, said India Ratings and Research as it flagged the “disorder” caused to the economy by Covid-19 and the nationwide lockdown to contain the disease.
- According to Ind-Ra, this would be the lowest GDP growth in India’s history (since data became available in FY51) and sixth instance of economic contraction, others being in FY58, FY66, FY67, FY73 and FY80; the previous low was negative 5.2 per cent in FY80.
- The agency, however, expects the GDP growth to bounce back in the range of 5-6 per cent in FY22 on the back of the base effect and return of gradual normalcy in the domestic as well as global economy.
IMF scales down growth projection, says Indian economy will contract by 4.5% this fiscal
The International Monetary Fund (IMF) has projected a deeper 4.5% contraction for India in FY21 than earlier estimated, citing a longer lockdown period and slower than anticipated recovery.
- In the June update ‘ A Crisis Like No Other, An Uncertain Recovery’ of its flagship World Economic Outlook (WEO), the IMF has forecast a 4.9% global growth in 2020, 1.9 percentage points below the April 2020 estimate.
MSME Minister Nitin Gadkari launches CGSSD
Micro, Small and Medium Enterprises, MSME, Minister Nitin Gadkari launched the Credit Guarantee Scheme for Sub-ordinate Debt, CGSSD.
- As per the Scheme, guarantee cover worth twenty thousand crore rupees will be provided to the promoters who can take debt from the banks to further invest in their stressed MSMEs as equity.
- The scheme seeks to extend support to the promoters of the operational MSMEs which are stressed and have become NPA as on 30th April of this year.
- Under the scheme, Promoters of the MSMEs will be given credit equal to 15 percent of their stake or 75 lakh rupees whichever is lower.
India becomes 12th largest holder of US govt securities at April end
India has become the 12th largest holder of US government securities at the end of April, with holding worth 157.4 billion dollars. The data from the US Treasury Department showed that after significantly reducing the exposure in March to 156.5 billion dollars, India marginally hiked the holding by 0.9 billion dollars to 157.4 billion dollars the next month.
- While the holding touched a record high of 177.5 billion dollars in February, the same was drastically reduced in March. The exposure stood at 164.3 billion dollars in January.
- At the end of April, Japan remained the country with the maximum exposure at 1.27 trillion dollars, followed by China at 1.1 trillion dollars and the UK at 368.5 billion dollars.
Folk artist Gulabbai Sangamnerkar to get lifetime honour
The Maharashtra government announced the Vithabai Narayangaokar lifetime achievement award to folk artist Gulabbai Sangamnerkar.
- The Annasaheb Kirloskar award will be conferred upon veteran theatre actress-singer Madhuvanti Dandekar.
- The Vithabai Narayangaokar lifetime achievement award is given to a senior tamasha (folk art) artiste. The award carries the cash prize of Rs 5 lakh, a citation and a memento